I'm so confused about financing - Can someone pls help?

[TwoFishRWe]

Ok, so here is my situation. I'm upside down on a current loan and I really need a bigger car in a bad way...I have 2 step children and a baby on the way, so there is no way I can get around in my car with the whole family.

 

I found a 2002 Chrysler Town & Country LX Mini Van for $11,500. The guy is willing to give me $8,500 for a trade in allowance ( I checked KBB.com and this is exactly what they say trade in value for my car is). So the balance due would be $3,000. The pay off for my current vehicle is $16,000...yes, i know...that's a lot

 

So, the bank said that they only loan 120% of the value to people with A+ credit, which I think is possible in my case since my Mom is going to go first on the loan and has PERFECT credit. Unfortunately I need to finance $19,000 (3,000 balance after my trade in allowance + 16,000 to pay off old loan).

 

The 2002 Chrysler Town & Country LX is only valued at $11,500. Is there a way to have the dealer write up the paper work differently so we can get this financed? The bank was telling me they've seen other dealers do this, but I'm not sure what to ask for.

 

Can anyone tell me if there is a way to work this out and if so, how I go about talking to the dealer about it? I hate to be a thorn in his side.

[TwoFishRWe]

disregard this post all together....i talked to the dealer and i just owe too much on my current car...i'm going to just suck it up and find a way for it to work with my current car and the family or maybe talk to my hubby about trading his truck in since it's almost paid off.

 

thanks anyway everyone

Edited August 4, 2006 by TwoFishRWe